Addis Ababa, 20 May 2021 – The Economic Commission for Africa (ECA) will on 28 May launch a report of a survey it carried out of the perception of East Africa’s private sector on the African Continental Free Trade Area (AfCFTA).
Conducted in collaboration with the East African Community (EAC) and the East African Business Council (EABC), the survey was partly to inform the EAC regional AfCFTA strategy and to document how the private sector can maximize the benefits of the continental agreement.
The survey had the objective of consulting the EAC private sector to get its perception on the level of awareness, opportunities, constraints and critical reforms needed to maximize the benefits of the AfCFTA to ensure its inclusivity in the EAC AfCFTA implementation strategy, action plan and road map.
The findings will inform interventions that actors within the regions can formulate in response to the challenges identified by the private sector.
According to the survey, respondents reported low awareness of AfCFTA status of implementation, its benefits, as well as the level of political will. Also, due to the outbreak of COVID-19, the private sector in the EAC region has been adversely affected, leading to low interconnectivity with the rest of the continental trade and investment counterparts, and between EAC and the rest of the world.
Stephen Karingi, ECA’s Director of the Regional Integration and Trade Division, said: “Without the prospect of real benefits, the private sector will not invest in new cross-border commercial ventures, hence their importance in being at the centre, driving its implementation agenda.”
The virtual launch which will feature a webinar is expected to attract member states of the EAC, private sector operators and development partners.
The AfCFTA is expected to connect 1.2 billion people across Africa with a combined gross domestic product valued at US$2.5 trillion. The successful implementation of the agreement is dependent on putting in place significant policy reforms and trade facilitation measures.
Trading commenced on 1 January this year after the COVID-19 pandemic forced a six-month delay from the original date of 1 July last year.
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org